The surging demand for online shopping during the COVID-19 pandemic has ushered in the ‘golden age’ of e-commerce platforms in Vietnam, local advertising company Adsota commented in a report released on Tuesday.
According to the 'Vietnam’s Digital Advertising Market 2021: A Pioneering and Breakthrough Strategy' report by Adsota and its strategic partner SOL Premier, the number of new users on e-commerce platforms in the country has jumped more than 41 percent, the highest rate in Southeast Asia.
Meanwhile, the growth rate is 37 percent in Indonesia, 36 percent in Malaysia, 37 percent in the Philippines, and 30 percent in Singapore and Thailand.
The growth rate of new e-commerce customers in the region averages out at 36 percent.
Up to 91 percent of the new users in Vietnam said they would continue using e-commerce platforms, even after the pandemic.
In this coronavirus context, Vietnam’s e-commerce has achieved impressive growth of 18 percent as the market size has reached US$11.8 billion, accounting for around 5.5 percent of the national retail sales of consumer goods and services.
The rapid increase has put Vietnam on its fast track to become the leading e-commerce market in Southeast Asia, Adsota commented in the report.
The Vietnamese advertising company attributed this breakthrough to consumers’ behavior change to adapt to stringent social distancing regulations by shopping remotely and minimizing the number of trips to bricks-and-mortar retailers.
In terms of categories, essential supplies, especially food, Internet services, household utilities, and healthcare products are among the top choices of consumers.
Meanwhile, spending on beauty and entertainment products and services has plummeted due to strict social distancing measures.
The impact of the pandemic has made consumers’ price sensitivity no longer a leading factor in purchasing decisions.
Consumers have decided to save more, but instead of choosing cheap products, they have been interested in merchandise with good quality and health benefits.